[miningmx.com] – BANKRUPTCIES may be required to bring the world’s mining industry back into balance, said Bloomberg News citing analysts who added that producers hadn’t done enough to cut supply.
“We need to see supply cuts across these markets to try to bring them back into balance,” Colin Hamilton, global head of commodities research at Macquarie told the newswire. “It’s either companies making the decisions themselves, or it comes through a full process of people dying very slowly.”
“We are going to see bankruptcies,” said Evy Hambro who manages Blackrock’s $3.5bn World Mining Fund, at a conference in London. “Some companies have been praying for commodity prices to deliver a kind of escape route from the problems that they face. That’s clearly gone the other way,” he said.
Click here to read the full article
